From Engagement to Signed Certificate in the Required Format

Every painting valuation engagement is structured around the purpose, statutory provision, valuation date, methodology and receiving authority. From the initial scope assessment to the final signed certificate, each stage is documented to create a clear and professionally defensible valuation trail.

GET EXPERT ADVICE →

06 STRUCTURED
STEPS

34AB CATEGORY VIII
WORKS OF ART

PAN INDIA PROFESSIONAL
ASSIGNMENTS

THE VALUATION JOURNEY

Six Steps From Brief to Certificate

The process is adapted to the statutory purpose and the specific painting or collection being valued, while maintaining a documented professional workflow from engagement through certification.

INITIAL ASSESSMENT SCOPE

Scope of Work and Format Determination

Purpose confirmed — Rule 11UA, Section 55(2)(b), Section 80G, IBBI, SARFAESI, Black Money Act, Ind AS or M&A. The applicable statutory provision is identified, the required report format is determined, the painting list is obtained, and timeline and fee are confirmed.

Statutory purpose Valuation date Report format Timeline & fee

FORMAL ENGAGEMENT LETTER

The Engagement Letter

The written engagement records the painting identification, Section 34AB Category VIII registration, applicable statutory provision, valuation date and methodology basis. It also records the fee, turnaround, independence declaration and IBBI credentials where applicable.

Painting identification 34AB Category VIII Methodology basis Independence declaration

PHYSICAL EXAMINATION INSPECTION

Physical Examination and Attribution

Examination may include magnification, raking light and UV fluorescence, together with medium and support confirmation, condition assessment, signature examination, and inspection of verso inscriptions, labels and stamps.

Attribution considers stylistic analysis, signature comparison and provenance research through auction archives. AATA status is also considered for potentially pre-1926 works.

Condition Attribution Provenance AATA status

MARKET RESEARCH METHOD

Methodology Selection and Comparables Research

The Market Comparison Approach is primary for most paintings, using Christie’s, Sotheby’s, Bonhams, Pundole’s, Saffronart and AstaGuru archives. The three to five strongest comparables are selected and documented.

For Section 55(2)(b), 1998–2003 archive research is used with interpolation to 1 April 2001. The Income Approach may be used for licensing income, while the Cost Approach may apply to commissioned murals.

Market Comparison Retrospective Income Approach Cost Approach

VALUE DETERMINATION FMV / DSV

Adjustment and FMV / Liquidation Value Determination

Comparable sales are adjusted for time, quality, condition, provenance and size. The resulting evidence establishes a value range, within which the valuer applies professional judgment to determine the FMV.

Where required, Liquidation Value is calculated by applying the specific painting's market liquidity discount. The Finance Act 2024 transitional Method A versus Method B analysis is also addressed where applicable.

Comparable adjustments FMV range Liquidity assessment Method A / Method B

FINAL CERTIFICATION SIGNED

Report in the Prescribed Format, Signed Certificate

The final certificate is prepared in the specific format required by the receiving authority: IBBI valuation report, Rule 11UA income tax certificate, SARFAESI enforcement certificate, Ind AS audit certificate, Section 80G donation certificate or Black Money Act compliance format.

The certificate is signed personally by Nitesh Shrivastava, Government Approved Painting Valuer, Section 34AB Category VIII, with IBBI credentials where applicable, official stamp and registration certificate.

RECEIVING AUTHORITIES / INSTITUTIONS

Income Tax Department NCLT SARFAESI Authorised Officers Statutory Auditors NGMA High Court

READY TO BEGIN?

Start Your Painting Valuation Engagement

Share the painting details, valuation purpose and relevant date. A2Z Valuers can help establish the appropriate statutory context, methodology and certificate format.

GET EXPERT ADVICE → CALL A2Z VALUERS +91 9999992343